Equity Research
The hallmark of SVB Leerink’s market-leading equity research product is a commitment to creating deep, differentiated and proprietary knowledge.
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Experienced healthcare research team covering nearly 260 companies across biopharma, life science tools, clinical diagnostics, medical devices and healthcare services / IT.
Universe of Coverage by Company
Universe of Coverage by Sector
Team
SVB Leerink’s research team includes 13 covering analysts who are highly regarded for their substantive and proprietary research product
Related Team

Danielle Antalffy
Managing Director, Medical Supplies and Devices
Ms. Antalffy is a Senior Research Analyst at SVB Leerink covering Medical Supplies and Devices. Her area of specialty is companies in the cardiology, diabetes, and emerging medical technologies fields.
Prior to joining the firm in 2008, Ms. Antalffy worked as an Associate at the Bear Stearns Institutional Investor ranked Medical Supplies and Devices research team. Her coverage responsibilities included large-cap diversifieds, cardiology, and hospital supply MedTech companies. Prior to Bear Stearns, Ms. Antalffy worked as an associate at Janney Montgomery Scott on the Medical Supplies and Devices equity research team. Ms. Antalffy started her career at Janney Montgomery Scott as an Investment Banking Analyst focusing on healthcare and IT.
In 2013, Ms. Antalffy was named a “Rising Star of Wall Street Research” by Institutional Investor.
Ms. Antalffy holds a B.S.E in Bioengineering from the University of Pennsylvania.

Andrew Berens, M.D.
Managing Director, Targeted Oncology
Andrew Berens, M.D., is a Senior Research Analyst at SVB Leerink covering Targeted Oncology.
Prior to joining the firm in 2018, Dr. Berens was an Executive Director and Senior Biotechnology Research Analyst at Morgan Stanley focusing on mid and small cap biotechnology companies. Dr. Berens practiced as an emergency medicine physician for a decade before starting his career in equity research. He also worked in the pharma industry at Ikaria Pharmaceuticals, where he was a Senior Director in business development, leading search and development efforts.
In 2017 he was named a Runner Up in Institutional Investor’s 2017 All–America Research Team for Biotechnology/Mid- & Small-Cap.
Dr. Berens earned M.B.A. degrees from Columbia Business School and London Business School, his M.D. from Emory University, and an undergraduate degree in English Literature from Tulane University.

Jonathan Chang, Ph.D., CFA
Managing Director, Emerging Oncology
Jonathan Chang, Ph.D., CFA, is a Senior Research Analyst at SVB Leerink covering Emerging Oncology. Dr. Chang has been an important contributor to the firm’s biotechnology research product and insights.
Dr. Chang joined the firm in 2013 as an Associate supporting the firm’s senior oncology biotechnology research team and in 2016 he assumed research coverage of several important emerging biotechnology companies.
In 2018, Dr. Chang was named a Rising Star in Institutional Investor’s 2018 All-America Research Team for Biotechnology/Mid- & Small-Cap.
Dr. Chang earned a Ph.D. in Pharmacology from Cornell University, a M.A. in Biotechnology from Columbia University, and a Honors B.Sc. in Genes, Genetics, and Biotechnology from the University of Toronto. Dr. Chang is a CFA charterholder.

Stephanie Davis
Managing Director, Healthcare Technology and Distribution
Stephanie Davis is a Senior Research Analyst at SVB Leerink covering Healthcare Technology and Distribution. She has over a decade of experience covering the Healthcare IT and IT Services sectors and leads the firm’s digital health research efforts.
Prior to joining the firm, Ms. Davis worked at Citibank where she led coverage for the Healthcare IT sector, including the electronic health record companies, payer-facing and provider-facing IT players. Before Citi, Ms. Davis was an Equity Research Analyst at J.P. Morgan and, earlier in her career, was an Investment Banking Analyst at Sonenshine Partners.
In 2019, Ms. Davis was recognized as a Runner-Up for Health Care Technology and Distribution on Institutional Investor’s All America Research Team and was included in Business Insider’s “Rising Stars of Equity Research” in 2017.
Ms. Davis earned a B.A. in Economics and Mathematics from Columbia University and is a CFA charterholder.

Ami Fadia
Managing Director, Biopharma and Generics
Ami Fadia is a Senior Analyst at SVB Leerink covering companies in Biopharma focused on Infectious Disease, Pain, Women’s Health and Generics.
Ms. Fadia has spent over six years as a healthcare Equity Research Analyst and also has significant experience as an adviser and executive in the pharmaceutical industry. Over the course of her career, Ms. Fadia served as Director of Specialty Pharmaceuticals and Generics Equity Research at UBS, where she built out lead coverage on small and mid-cap specialty pharmaceutical stocks and supported the existing large cap coverage effort. Prior to UBS, Ms. Fadia worked in the Sandoz Biosimilar business unit at Novartis, and earlier in her career Ms. Fadia was a Consultant and Engagement Manager at KPMG and McKinsey & Co.
Ms. Fadia received her M.B.A from the Kellogg School of Management at Northwestern University, and earned an undergraduate degree in Accounting, Finance and Taxation from Shri Ram College of Commerce in New Delhi, India. She also received her accreditation of Associate Chartered Accountant from the Institute of Chartered Accountants of India.

Mani Foroohar, M.D.
Managing Director, Genetic Medicines
Mani Foroohar, M.D., is a Senior Research Analyst within our Therapeutics team focusing on Genetic Medicines.
Dr. Foroohar joins SVB Leerink from Aptigon Capital, a Citadel Company, where he most recently was a Therapeutics Analyst focused on U.S. and EU biotechnology, major pharmaceuticals and specialty pharmaceuticals sectors. Prior to Aptigon, Dr. Foroohar was an Analyst at Green Owl Capital Management and an Assistant Vice President of Equity Research at Barclays. In 2013, Dr. Foroohar co-founded Cellanyx Diagnostics, a company developing a proprietary live tumor cell, phenotypic platform for precision risk stratification in cancer to inform clinical treatment decision making.
Dr. Foroohar holds an M.D. from Stanford, where he was a Howard Hughes Medical Institute Research Fellow in the Department of Genetics, M.B.A. from Columbia, and a B.S. from UCLA.

Marc Goodman
Managing Director, Neuroscience
Marc Goodman is a Senior Research Analyst at SVB Leerink covering Neuroscience and Ophthalmology.
Prior to joining the firm in 2018, Mr. Goodman was most recently a Managing Director and U.S. Healthcare Analyst at UBS Investment Bank where he focused on large-cap and specialty pharmaceuticals sectors. Prior to UBS, Mr. Goodman covered specialty pharmaceuticals and generics sectors for over 15 years as a Managing Director at Crédit Suisse AG and as an Executive Director at Morgan Stanley.
Mr. Goodman has been ranked by Institutional Investor as a top analyst in Specialty Pharmaceuticals for well over a decade and has also expanded his coverage and interests into global and emerging biopharmaceutical companies in recent years.
Mr. Goodman earned his M.B.A. from The Ohio State University and his B.A. in Economics from Tufts University.

Daina Graybosch, Ph.D.
Managing Director, Immuno-Oncology
Daina Graybosch, Ph.D., is a Senior Research Analyst at SVB Leerink covering Immuno-Oncology.
Prior to joining the firm in 2018, Dr. Graybosch worked at McKinsey & Company as a Senior Expert and Head of Mckinsey’s Center for Asset Optimization, as well as the U.S. Head of the McKinsey Cancer Center. In these roles, Dr. Graybosch developed several McKinsey solutions that bring data and advanced analytics to pharmaceutical development decisions. In her 11 years at McKinsey, Dr. Graybosch developed a rich understanding of oncology through her work with companies across the value chain, including Pharmaceutical, Diagnostic, Academic Medical Center, and Genomic/Data.
Dr. Graybosch earned a Ph.D. in Chemistry and Chemical Biology from Harvard University and dual B.S. degrees in Biology and Chemistry from the University of Utah.

Richard Newitter
Managing Director, Medical Supplies and Devices
Rich Newitter is a Senior Research Analyst at SVB Leerink covering Medical Supplies and Devices. His area of specialty is companies in orthopedics, aesthetics, hospital supply and capital equipment, and emerging medical technologies.
Prior to joining the firm in 2008, Mr. Newitter worked at J.P. Morgan as an associate on the Institutional Investor #1 ranked Medical Supplies and Devices research team. Prior to that, he was an Assistant Vice President at Alliance Capital Management, first as a quantitative analyst, then covering a sector.
Mr. Newitter earned an M.B.A. from Cornell University and a B.A. in History from Washington University in St. Louis.

Geoffrey Porges, MBBS
Director of Therapeutics Research, Diversified Biopharma
Dr. Porges is Senior Managing Director, Director of Therapeutics Research and a Senior Research Analyst at SVB Leerink covering Diversified Biopharmaceutical stocks. He brings to the firm over 25 years of expertise in advisory, executive and investment roles in the biopharmaceutical industry.
Prior to joining the firm in 2015, Dr. Porges established biotechnology research coverage at Sanford C. Bernstein where he became one of the most respected independent analysts of the industry. Before that, Dr. Porges served as Director of Life Sciences and Chief Operating Officer at BTG PLC and previously served in a variety of positions at Merck & Co, including Head of Worldwide Marketing in the Vaccine Division at Merck & Co.
Dr. Porges has been consistently ranked as one of Wall Street’s most influential biotechnology analysts. He is a frequent media contributor regarding investment opportunities, and risks, in the biopharmaceutical sector and his research covers the gamut from breakthrough scientific advances and early development programs to industry structure, strategy and valuation.
Dr. Porges earned his medical degree from the University of Sydney and trained in pediatric and internal medicine in Australia. He is also a graduate of Harvard Business School, where he was a Baker Scholar.

Joseph P. Schwartz
Managing Director, Rare Diseases
Joseph Schwartz is a Senior Research Analyst at SVB Leerink covering Rare Diseases.
Prior to joining the firm in 2003, Mr. Schwartz provided economic and strategic consulting services to biotechnology and pharmaceutical companies with Charles River Associates. Earlier in his career, Mr. Schwartz held equity research positions at SG Cowen, State Street Research, and J.P. Morgan, where he analyzed the fundamental performance drivers of investments in the health care, retail, consumer, media, and entertainment sectors.
Mr. Schwartz was named #1 Stock Picker for Pharmaceuticals in the 2011 FT/StarMine Analyst Awards. In 2010, he earned the Wall Street Journal’s #1 ranking for biotech stock picking as part of its “Best on the Street” analysts survey, which topped his #2 ranking in the Journal’s 2008 “Best on the Street” rankings.
Mr. Schwartz earned an M.B.A. from Babson College and a B.A. in Economics from Colby College.

Puneet Souda
Managing Director, Life Science Tools and Diagnostics
Puneet Souda is a Senior Research Analyst at SVB Leerink covering Life Science Tools and Diagnostics. His research focuses on companies and technologies within the Life Science Tools subsector, the Diagnostics subsector, and selected areas of Pharmaceutical Services.
Prior to joining the firm in 2014, Mr. Souda was a Senior Associate at Citigroup covering Medical Devices. Before joining Wall Street, Mr. Souda spent over a decade in core and basic research labs at UCLA and Purdue University. In this work, he was a customer and collaborator of many Life Science Tools and Diagnostic companies. Mr. Souda has direct experience in the acquisition, management, and utilization of many life sciences technologies for molecular analysis and diagnostics. He has co-authored over 45 peer-reviewed scientific papers and has built an extensive network of colleagues and collaborators among academic lab researchers and Life Science Tools suppliers.
Mr. Souda earned an M.B.A. from University of California-San Diego, and undertook graduate study in biotechnology and earned a B.A. in Biology from Purdue University.

Thomas J. Smith
Director, Immunology and Metabolism
Thomas J. Smith is a Senior Research Analyst at SVB Leerink covering Immunology and Metabolism. Prior to covering the Immunology and Metabolism sector, Mr. Smith was a key member of SVB Leerink’s Targeted Oncology team helping to deliver in-depth fundamental research to clients.
Prior to joining the firm in 2018, Mr. Smith was most recently a Vice President and Research Analyst at Morgan Stanley, covering leading and emerging biopharmaceutical companies across numerous therapeutic areas, including oncology, NASH, and lead coverage of women’s health companies. Prior to that, Mr. Smith worked at FBR Capital Markets on the biotechnology team, responsible for coverage of large, mid-, and small cap companies. Mr. Smith began his career at Bloomberg where he held roles of increasing responsibility, including coverage of the biotech and specialty pharmaceutical sectors for Bloomberg Intelligence.
Mr. Smith earned his B.S. in Finance and Psychology from The College of New Jersey.
Research Management

Jim Kelly
Senior Managing Director, Director of Research
Jim Kelly is a Senior Managing Director, Director of Research at SVB Leerink. Mr. Kelly is responsible for product management, analyst development and equity strategy.
Prior to joining SVB Leerink in 2015, Mr. Kelly worked at Credit Suisse, where he served in research management as an Associate Director of Equity Research in New York and was responsible for leading key, strategic initiatives in research product and process development. Prior to his ADOR role at Credit Suisse, Mr. Kelly spent 13 years in Equity Research covering the US Pharmaceuticals industry for Lehman Brothers, Goldman Sachs and Credit Suisse First Boston.
Mr. Kelly received his M.B.A. from Columbia Business School and earned his B.S. in Mechanical Engineering from Lehigh University. Mr. Kelly also serves on the board of the Lehigh Business School Dean’s Advisory Council.